North Sea operator Serica Energy said its UK offshore assets remain "cash generative" despite an "unjustifiably punitive" fiscal regime as it released its half year results today.
Jersey Oil and Gas (LON:JOG), a partner in the Buchan project, has confirmed that first oil will now come in 2027 following the call for a UK general election.
Serica has committed £25m to the Belinda project so far - and expects to spend around £100m overall.
Serica Energy expects its acquisition of a 30% stake in the Buchan redevelopment to materialise this month, soon after the field’s environmental statement was submitted to the regulator.
As of 27 October, Westwood Global Energy reports that there are three exploration wells active, with one in the CNS and two in the NNS. One appraisal well is currently active in the CNS. One well completed at Serenity.
Fifteen digital technology companies have begun a 12 month programme working with major players from across the energy industry to drive culture change in one of the UK’s largest industrial sectors.
Serica Energy has outlined “difficulties” in drilling the Columbus development in the North Sea, costing the operator £3million.
Solstad Offshore has announced a series of contract awards with Total, Equinor and Serica Energy in the UK North Sea.
Drilling contractor Awilco crashed to pre-tax losses of $156 million in 2020, widening from a deficit of $30m in 2019 and driven by impairments and cancelled rig construction deals.
North Sea operators including Shell, BP, EnQuest and Premier Oil have all seen their shares jump in light of the oil price rally.
Bosses at Serica said today that work to bring a third well at the Rhum field into production has run into “frustrating” and costly delays.
The number of public listed North Sea operators that could be a suitable fit for a reverse takeover have “diminished significantly”, according to an industry experty.
The reverse takeover model could become more of a permanent fixture in the North Sea in the coming years as more private-equity (PE) backed operators look to go public.
Maersk Drilling fell to a pre-tax loss of £1.18 billion in the first half of 2020 due to a hefty impairment linked to the Covid-19 outbreak and oil price drop.
Serica Energy’s 13million barrel Columbus gas project in the North Sea is facing potential delays due to the Covid-19 outbreak.
North Sea rig crews have kept up the weekly tradition of clapping for the NHS and other key workers amid the Covid-19 pandemic.
Awilco Drilling has signed a letter of intent with Serica Energy for the provision of WilPhoenix for a one well workover on the Rhum field.
Serica Energy’s boss has said the gains squeezed by his team from North Sea fields acquired a year ago show smaller companies can be more efficient.
The UK North Sea will welcome more cash from overseas to bridge the gap left by traditional investors who are turning their backs on oil and gas, a new report said.
Oil and gas producer Serica Energy is looking at “a couple of serious opportunities” to expand its UK North Sea portfolio and build on recent deals, its boss said.
Serica Energy bosses said today that the firm’s first-half results justified the hard-fought acquisitions of a North Sea package last year.
The Oil and Gas Authority has offered up fresh acreage near the Rhum field in the Northern North Sea.
Following a period of relatively low deal activity, in 2018 we started to see an uptick in deals – but that has paused slightly since the oil price fall at the end of 2018. Are there more deals to be done, or has oil price volatility cooled off the M&A market? What do the trends and themes seen in some of the latest UKCS M&A deals tell us?
Acquisitions for Serica Energy during 2018 have made it “one of the largest independent operators in the North Sea”, according to the firm’s boss.
An exploration well on the Rowallan prospect in the central North Sea has failed to deliver, project partners confirmed today.